(MENAFN- Daily Forex)

• The US dollar continues to see a lot of noisy trading, and at this point in time, it looks like the buyers are trying to get things going.
• At this point, the pair is looking at the 0.8000 level as a short-term support level, but at this time, I also look at it as a magnet for price.
• Because of this, I am assuming that the bounce has a little bit of gas in it, but I am not looking for a huge move.

Technical Analysis

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The technical analysis for this pair is somewhat flat, which would make sense, as both are safety currencies, and therefore tend to move in the same direction overall in comparison to risk assets. This pair is a bit slow at times, and as we are in the midst of summer, volume could be a bit of an issue. This is something that you must keep in mind, and as a result, set your expectations for what the situation is. At this point, I suspect that you are in an environment that will offer 20 pip ranges that you can take advantage of.

EURUSD Chart by TradingView

I think short-term traders will continue to flock to this pair, and of course we are in the midst of potentially finding a bottom. The 0.7900 level is a massive floor in the market from what I can see and should continue to keep the market somewhat afloat. I am not a huge fan of shorting, but if you have the ability to do so on a lower timeframe, there could be some value to that.

If the global economy starts to have issues, then the US dollar should do well. This could be the one place where it may not take off. However, this isn't to say that we cannot see strength in the USD, but it will be somewhat muted in that event.

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